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India Union Budget 2009-10 Tax, New Taxes, Fringe benefit tax, Income tax, Service Tax

Budget highlights on Taxes

New Income tax exemption limit Rs. 1,60,000 for tax payers, Rs. 2,40,00 Income limit for Senior citizens and Rs. 1,90,000 for woman tax payers
Commidities transaction tax abolished.
10% Surcharge on personal tax scrapped.
Fringe benefit tax abolished for companies
No change in corporate tax
Anonymous funds to charitable institutions to get some tax relief
MAT tax credit extended from 7 to 10 years. MAT hiked to 15% of book profit
Share of direct taxes has increased to 56 per cent in 2008-09 over 41 per cent in 2007-08.
Small businesses up to Rs 40 lakh turnover exempted from filing advance tax returns
GST to be introduced by April 1, 2010

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